Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
CIBC reports rising mortgage delinquencies, but doesn’t expect “material” losses + MORE Mar 4th
CIBC reported a rise in mortgage delinquencies in the first quarter, though they still remain below pre-pandemic levels and aren't expected to translate into "material" losses, the bank said..... More »
Is this frugal Toronto artist’s $70,000 in savings enough for her to buy a property in the U.S.? Jul 3rd
If Joy were to buy a house in the U.S., writes financial expert Jason Heath, it’s probably best she get a pre-approved a mortgage before house hunting..... More »
Mortgage affordability calculator + MORE Nov 19th
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Mortgage affordability is an essential part of setting up your home-buying budget, and it’s based on a many factors—more on those later. If you’re looking to buy a home, one of the first things you’ll want to know is your mortgage affordability. And for that, you should start.... More »
Mortgage debt taking up a record share of income Mar 17th
Borrowers are now spending roughly $1 out of every $13 of their disposable income on servicing their mortgages. That’s according to Statistics Canada’s fourth-quarter national balance sheet and financial flow accounts. The data shows Canadians are spending 7.66% of their household dispos.... More »
‘It’s choking me’: This homeowner’s mortgage payments have shot up by more than $1,000 a month. What should he do? + MORE Dec 31st
‘I was naive. I’ve never experienced rate hikes like this before,’ homeowner says, adding he plans to switch to a five-year fixed rate when rates hit 3%..... More »
Tools and habits to stay on track with your money goals
– moneysense.ca
In recent years, financial planning has been reduced from a process to a product. The broader financial industry has offered financial plans, often on a one-time basis, and frequently as a prospecting tool. It is not enough to simply have a financial plan that gathers dust. Forward-looking financial planning can help you stay on track and achieve your long-term goals.
What kinds of goals should you be setting?
Many people have the goal of investing their money. But in order to invest, you have to spend less than you earn. Some people start investing too early. It probably makes sense to pay down non-mortgage consumer debt like credit cards first. It also generally makes sense to contribute to your savings (for example, to an emergency fund) before growing your wealth through investing.
If you are saving for retirement, you should try to figure out how much you should be saving. This is based on your expenses, now and in retirement, and trying to work backwards to figure out how much to put aside each month…
50% of variable-rate mortgage holders have reached their trigger rate: BoC
– canadianmortgagetrends.com
Roughly half of all mortgage holders with static-payment variable-rate mortgages have already reached their trigger rate, according to a new report from the Bank of Canada.
Struggling to make mortgage payments? How to avoid the slippery slope that leads to losing your home
– thestar.com
More and more Canadians are having trouble making payments as rates continue to rise. Here’s how to get back on track and make sure you don’t put your home in jeopardy.
